A mutual fund has $500 million worth of stock, $400,000 in cash, and $1 million in other assets. The fund's total liabilities amount to $3 million. There are 9 million shares outstanding. You invest $11,000 in this fund. How many shares can you purchase? (Round your answer down to the nearest whole number.)
Added by Annette F.
Step 1
First, we need to find the total value of the mutual fund's assets. This includes the stock, cash, and other assets: Total assets = $500,000,000 (stock) + $400,000 (cash) + $1,000,000 (other assets) = $501,400,000 Show more…
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